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Australia’s Westpac, St George to merge

ft.com
12-May-2008
        
Story Timeline:  154 days

Australia’s Westpac Banking Corporation is in talks to buy smaller domestic rival St George in a move that would create the country’s largest bank with a market value of about A$65bn ($61bn). Trading in shares of both banks was suspended on Monday ahead of a further announcement, possibly within... [read full story]                    

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Latest article on this story:

Australian banks in mega merger

 turkishdailynews.com.tr 14-May-2008
First article on this story:

'Bank merger to put jobs at risk'

 news.com.au 11-May-2008
Selected publications with coverage of this story:
indiatimes.com epochtimes.com banking-business-review.com ksl.com newsvine.com thestar.com.my canadianbusiness.com brandonsun.com marketwatch.com startribune.com telegraph.co.uk afp.com
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Australian shares slightly higher, led by miners on firmer metal prices

finanznachrichten.de
14-May-2008
        

SYDNEY (Thomson Financial) - Australian shares were slightly higher in early trade on Wednesday led by miners following overnight gains in base metal prices with Rio Tinto leading the advance on renewed talk that BHP Billiton might boost its offer for the world's third-largest mining company....

Let a foreign bank bid

news.com.au
13-May-2008
        

WHAT we need is more banks, not fewer of them ("Westpac’s $65bn play tests Swan’’, 13/5). I hope Wayne Swan will block the proposed merger of Westpac and St George Bank as it can’t be in the interests of the consumer. If StGeorge is for sale, why not let an overseas bank put in a bid. We then...

                   

Conflicts of interest emerge in bank merger

abc.net.au
13-May-2008
        

The bankers in charge of Westpac have spoken publicly about the proposed multi-billion dollar takeover of St. George Bank. The announcement comes three months after Gail Kelly became Westpac's chief executive following her six years at St George. But neither Ms Kelly nor the Westpac chairman, Ted...

Bank plan threatens 5000 jobs

news.com.au
13-May-2008
        

MORE than 10,000 finance sector jobs will be placed under the microscope once Westpac boss Gail Kelly completes her $18.6 billion takeover for the St George Bank. Toon Van Beeck, senior industry analyst with IBISWorld estimates merger and takeovers in the banking sector will result in the loss of...

Westpac to become leaner, meaner

news.com.au
13-May-2008
        

WESTPAC has unveiled plans to become the nation's most efficient bank, as speculation firmed that the agreed 28 per cent premium offered by chief executive Gail Kelly to secure St George Bank could be a knockout blow. Only four days after the chairmen of the two banks met for the first time,...

Banks merger threatens 5000 jobs

news.com.au
13-May-2008
        

MORE than 10,000 finance sector jobs will be placed under the microscope once Westpac boss Gail Kelly completes her $18.6 billion takeover for the St George Bank. Launching the industry-rattling proposal yesterday, Ms Kelly said there were opportunities to reduce costs in a merged Westpac/St...

Australia's St. George Bank agrees to Westpac bid

indiatimes.com
13-May-2008
        

St. George Bank on Tuesday agreed to an 18.6 billion Australian dollar ($17.5 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and be one of the country's largest corporate deals. ... The two lenders said in a joint statement...

St George CEO admits jobs will go

abc.net.au
13-May-2008
        

St George Bank has acknowledged there will be job losses as a result of its merger with Westpac. ... The bank has approved Westpac's merger offer of 1.31 Westpac shares for every St George share. St George's chief executive, Paul Fegan, has played up Westpac's intention...

Australian banks agree mega merger

rte.ie
13-May-2008
        

Two major Australian banks agreed to a proposed merger which would create the nation's biggest financial services group. ... Two major Australian banks today agreed to a proposed merger which would create the nation's biggest financial services group worth around $66...

                   

Westpac and St George: A three-year IT hangover?

zdnet.com.au
13-May-2008
        

In the wake of the confirmed AU$18.6 billion merger between Westpac and St George Bank, observers have forecast that the IT hangover from the deal could take at least three years to wear off, but in the process the merged banking entity will become one of the largest IT shops in Australia.

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